Gambian president frowns on predecessor over 1 bln USD debt

BANJUL, Dec. 29 (Xinhua) -- Gambian President Adama Barrow in his New Year's statement on Friday expressed complaints over his predecessor's economic mismanagement that had led to a debt of one billion U.S. dollars.

"The country has debts of more than 1 billion U.S. dollars which is a staggering 120 percent of debt to GDP, this is equivalent to each household owing about 4,500 dollars. In addition, state assets have been neglected. Electricity is a case in point," he said.

He refused to take the blame for the economic loss of the state, implying that his administration has inherited such burden.

"We have started from a position undermined by decades of mismanagement and undemocratic consolidation of power, that weaken the institutions, our coffers not only emptied, but we are loaded with huge debt," he said.

In July, China helped in reversing the Gambia's debts by signing a protocol to cancel the debts of the West African country. Enditem